When the house and property is owned by the estate of the deceased residents, can a reverse mortgage be used? If not, is there a

A reverse mortgage requires the borrower to be at least 62 years old and the property be their primary residence. Therefore, the estate cannot use a reverse mortgage. By law, the heirs are allowed to retain the property as long as they continue making the monthly payments on the loan. Many lenders will try to convince you that the loan has to be paid off, but that is not true. If the heirs do not have sufficient income to make the payments on the $65,000 mortgage, it is likely they will need to sell the property. Some states have a program to help seniors stay in their homes when there has been a death in the household. I would suggest checking with your local city or county housing authority to see what kind of programs exist and if you qualify. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ Licensed in California and Arizona ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

You don't have to pay it off if the home was inherited.. You can continue to make the payments, and the lender has to continue to accept them.. As Bert said, they might say you need to refinance, but the law says differently... As far as a reverse mortgage, you have to own the home to do a reverse mortgage, and since it's owned by the estate, then until it's transferred out, you cannot.. You still have to be 62 or older to do a RM, but it could be an option.. The biggest question would be the home's value.. If you decide to do a RM, then there must be equity to qualify.. and how much equity is necessary will be determined by the age of the youngest borrower I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

are any off the heirs served in the miltary to use VA benefits? what are the ages of the heirs? who is the bank that holds the note? linda i settled my parents probate estate before, and it was a very large one, and very complicated, nothing was ever updated, so i guess that i am a expert now!! do you have a will and trust ? that will show what happens to the property linda yourloanpartnerforlife@live.com

You can get a reverse mortgage if you are over the age of 62. That's the short answer. There are other factors involved, but your age minimum has to be met first before discussing a reverse mortgage further.

As mentioned before - the #1 requirement is you must be 62 or older to qualify for a Reverse Mortgage. As Linda123 mentioned settling the estate can be complicated and may take a while. A bit more information is needed. Your best bet is to call a mortgage professional in your area for good info about your particular scenario. Good luck and Merry Christmas.

Sounds like this is a property the estate is holding. Even if the heirs are 62 or older the borrower must be a owner-occupant.